Hedging Strategies for Currency Risk

John is the CFO of a company that exports machinery to Europe. With the rising value of the Euro against the US dollar, John is concerned that when the payments for his exports come in, he may receive less US dollars than he anticipated, affecting his company's revenue. To mitigate this risk, he is considering a hedging strategy using foreign currency derivatives.

Discuss the appropriate hedging strategies that John can use to protect his company's revenues from adverse currency movements. Include at least two different derivative instruments in your response and explain how each instrument would work in this context.